Vietnam Rubber Group Reports US$35.2M Financial Investment in 2008
Vietnam Rubber Group (VRG) invested a total of VND597 billion (US$35.2 million) in eight joint stock companies including securities firms, banks and funds by end-2008.
These companies run ineffectively and some even suffered loss due to 2008’s soaring inflation and the complicated world economic conditions, VRG said. They all have started operations since 2007 and early 2008.
Last year, VRG invested in 48 non-core business projects worth combined VND44.7 trillion (US$2.6 billion).
The group poured money in ten hydropower projects, including over 51 per cent stakes in five projects valued at nearly VND20 trillion, and spent VND13.1 trillion in other ten projects in hotel, tourism service, steel, cement and water supply.
The fact once again raises concern about the investment of state-run corporations and groups in non-core business, leading to the state capital loss.
The VRG set target at VND3.2 trillion in pre-tax profit, including VND2.6 trillion from rubber sales. (Securities Investment)
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